As mums, we all know the money chats with our children can be tricky. It’s one thing to remind them to tidy their room or finish their homework, but encouraging them to put money aside?
That can feel like a battle. I’ve been there, and I know many of you have too. But here’s the thing: the habits they build now, even with small amounts, can set them up for life.
What the numbers say
Let’s get real for a moment. According to Finder’s UK savings data (July 2025), the average person in the UK has about £16,000 saved. But when you break it down by age, the picture changes quickly.
- 18 to 24 year-olds: just £4,759 saved on average
25 to 34 year-olds: £9,357 - 35 to 44 year-olds: £7,434
45 to 54 year-olds: £13,318 - 55 and over: £27,949
What this means in real life is that younger adults often have very little to fall back on if something goes wrong. In fact, more than 2 in 5 Brits have less than £1,000 saved, and one in six of us have nothing at all. That’s a scary thought.
And where you live makes a difference too. In London, the average savings pot is nearly £29,000. In the East Midlands and Northern Ireland, it’s closer to £6,500.
Why our kids are struggling
It’s not that our teens or twenty-somethings don’t want to save. It’s that life is expensive. Rent, student loans, and the cost of just existing are eating away at what they earn.
By the time they’ve covered the basics, there’s very little left to tuck away.
How can we step in? (Without just handing them money)
Here are some ways I’ve found that can really help, without feeling like we’re nagging or taking over.
Talk about money openly
Money doesn’t have to be a secret. I’ve started sharing my own mistakes and wins with my kids, and it’s amazing how much more comfortable they are now talking about it.
Encourage little milestones
Telling a teenager to save six months of emergency expenses is overwhelming. But £500 or £1,000 feels achievable. It gives them a goal without the pressure.
Make smart account choices
Lots of young people keep their savings in current accounts with no interest, which means they’re missing out. If your child had £7,800 in savings, that’s almost £400 a year they could be earning in interest if it were in the right account.
Check for unclaimed savings
This one is huge. There are nearly 671,000 young people who haven’t claimed their Child Trust Fund, worth about £2,200 on average. If your child was born between 2002 and 2011, it’s worth checking with HMRC to see if there’s money waiting for them.
Show them income-boosting tools
Sometimes saving is hard because there just isn’t enough money coming in. I’ve seen my own children and their friends turn to platforms like Prograd to find flexible ways to earn a bit more. It’s not about making them work 24/7, but it does give them options to boost their income and feel like they’re making progress.
Age-by-age guide for savings goals
I always think of these numbers as conversation starters, not rules.
- By 18: Even £500 is a win. It’s about having a small pot for emergencies.
- By 21: Aim for around £2,000 to £3,000, enough to cushion life’s surprises.
- By 25: Try to beat the UK average of £4,759. Anything above that gives them real flexibility for moving out or investing in their future.
Talking Money
At the end of the day, it isn’t about whether our children have £500 or £50,000 in the bank right now. What matters is helping them build the confidence and habits that will last. By guiding them to make small, smart choices, whether it’s the right bank account, checking for unclaimed money, or using platforms that help them earn more, we’re giving them a gift that goes far beyond money.
And that, I think, is one of the most valuable things we can pass on as mums.
